Confidence in the Economy at Six-Year High

Ryan McVay/Thoinkstock(NEW YORK) — Consumers are feeling more confident about the economy and their personal financial situations.

The Thomson Reuters/University of Michigan consumer sentiment index rose to 84.5 in May from 76.4 in April — its highest level in six years, and better than economists had expected.

The rising stock market and improving home prices prompted more consumers to report that their finances had recently improved, rather than worsened. Fifty-eight percent said they believe the economy is improving.